You must take steps to identify any activity you suspect may be linked to money laundering or terrorist financing. If you know or suspect there is such a link, you must report it to the Financial Investigation Agency (FIA).

Reports

Media

SARs Submitted

The SARs submitted during the years covered a broad category of offences. These offences ranged from fraud to gambling. The offence of fraud accounts for the highest ranges of suspicious activitity reported. The following numbers represent the top six offences reported.

26%

Fraud

18%

Money Laundering

10%

Unusual Transactions

8%

CDD/KYC

5%

Tax Evasion

5%

Theft

Non-Profit Organisations

Non-profit organisations (NPOs) are recognised for the vital role that they play in communities around the world. While most NPOs are used for legitimate purposes, they can also be used to facilitate illicit activities. The NPO sector globally has been identified as one that is vulnerable to activities of money laundering and terrorist financing.

1

The Non-Profit Organisations Act, 2012 (the NPO Act) came into effect on 1st January, 2013. The NPO Act seeks to bring NPOs inline with international standards by creating systems for NPOs to be monitored from anti-money laundering (AML) and counter financing of terrorism (CFT) perspectives.

2

Under the NPO Act, all NPOs operating within the Virgin Islands are required to be registered with the Non-Profit Organisation Registration Board. Details of the registration process and guidelines on the NPO Act can be obtained here or from the Ministry of Health and Social Development.

Designated Non-Financial Businesses and Professionals

Designated Non-Financial Businesses and Professionals (DNFBPs) are characterised as non-regulated entities, as they are not strictly regulated by the Financial Services Commission. They are defined as relevant business under section 2 of the Anti-Money Laundering Regulations 2008 and are designated pursuant to section 2 of the Non-Financial Business (Designated) Notice, 2008 for the purpose of identifying entities which are vulnerable to being misused for Money Laundering and Terrorist Financing. They include persons who are engaged in the businesses of buying and selling boats, vehicles, jewellery or other high-value goods as well as those who provide client services, such as legal practitioners, notaries public and accountants involved in transactions concerning the buying and selling of real estate; managing of client money, securities or other assets; organisation of contributions for the creation, operation or management of companies or the buying and selling of business entities.

The public is advised that Ephren Taylor Jr., who visited the Virgin Islands and addressed members of the public in March 2007 during a business seminar has been named as a defendant to a class action...

The Financial Investigation Agency is advising residents of the BVI to be on the lookout for a new scam that has been recently identified. The scam is being perpetrated via the internet and mobile pho...

The Financial Investigation Agency would like to remind residents of the arrest of St. Thomas resident Janice Dorette Rey by U.S. Marshalls in February, 2010. Rey, a former BVI resident, is presentl...